Which Cryptocurrencies Suffered The Worse Collapse Since All-Time Highs?

Cryptocurrencies all across the market have been suffering major downside since the crash. The crypto market saw a couple of hundred billions shaved off its market cap following this. Bitcoin, Ethereum, and others have all seen their value decline significantly in the space of a week. However, in all of this, some digital assets have been hit harder than others. This report takes a look at those cryptocurrencies.

Metaverse Tokens Take A Hit

The crypto market’s recent decline has been characterized by bloody streets. As expected, bitcoin’s 52% decline from its all-time high has dragged down other digital assets with it. Ethereum, the second largest cryptocurrency by market cap, is down 54% from its own all-time high. While these cryptocurrencies have seen major downsides, others have managed even more dips since then.

Related Reading | Market Sentiment Crumbles As Sell-Offs Drags Bitcoin To $33,000

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Metaverse tokens which made a big splash when social media giant Facebook announced it was rebranding to Meta and entering the metaverse space, have borne some of the largest weight from the crash. These tokens which rallied to multiple all-time highs in the last couple of months have declined as high as 68% from their all-time highs.

Chart showing cryptocurrencies by value lost

Metaverse tokens take some of the biggest hit | Source: Arcane Research

MANA, SAND, and AXIE are some of the most popular metaverse tokens and have grown a lot in price in accordance with their popularity. However, with the market crash, they have not been able to hold up well. All of these tokens have lost over 68% since they hit their all-time highs. All three met averse tokens are down, trading at $2.27, $3.27, and $52.66 respectively.

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What About Layer 1 Cryptocurrencies?

Layer 1 cryptocurrencies also took a major hit but have seen a more varied performance when compared to the metaverse tokens. Heavy hitter like Solana (SOL) and Cardano (ADA) were some of the hardest hit Layer 1 cryptocurrencies, both of them going the way of the metaverse tokens with over 68% losses since their various all-time highs. Other lesser known Layer 1 tokens have a different story though.

Related Reading | Ethereum Leaves ETH 2.0 In The Past In New Roadmap Rebrand

FTM, ONE, ATOM, and Near, popularly referred to as the FOAN, made a splash while others were suffering. Each one of these cryptocurrencies have managed to outperform the market in a time where altcoins are dumping in response to bitcoin’s decline.

A look at decentralized finance (DeFi) paints a sadder story. This space that has brought finance products closer to the average investor saw some of the highest declines. Tokens from this space have recorded as high as 80% decline since their all-time highs.

The crypto market has managed to hold up against the crash but not before losing substantial value. In total, the crypto market is now down 50% from its all-time high. It now sits at $1.686 trillion at the time of this writing.

Crypto total market cap chart from TradingView.com

Crypto market cap crumbles to $1.6 trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from Bitcoin Magazine, charts from Arcane Research and TradingView.com


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NFT trading game Axie Infinity launches AXS staking program

Axie Infinity, a play-to-earn NFT game based on the Ethereum blockchain, announced the launch of the staking program for its native token, Axie Infinity Shards or AXS. 

AXS holders can start staking their tokens while the rewards will be activated in 24 hours to ensure all time zones could stake beforehand, according to a Sept. 30 announcement.

“Staking is a way for us to reward our community members for having a long-term mindset and locking up their AXS tokens,” the Axie Infinity team said as part of the announcement, adding that by staking, players can earn AXS rewards.

The team plans to give voting rights and “a say over the use of the Community Treasury” by staking. The Community Treasury of Axie Infinity holds more than 18 million AXS tokens worth over $1.4 billion at the time of writing.

A total of 2 million AXS tokens will be distributed during the first month of the staking program. About 58 million of the set cap of 270 million AXS tokens are in circulation and the rest would be released through staking, gameplay rewards and ecosystem reward structures, the announcement reads.

Related: DeFi gaming: A catalyst to mainstream adoption of decentralized finance

Launched in 2018, Axie Infinity is a trading and battling game that enables players to collect, breed, raise, battle and trade Axies, which are basically nonfungible tokens (NFTs) with different attributes and strengths.

AXS tokens, which are also listed on several crypto exchanges, represent a little slice of the game’s universe. In addition to directly purchasing them, players can also earn in-game achievements such as taking place on leaderboards or winning tournaments.